The Real Worry is Growth, Not U.S. Debt

Standard & Poor's did global policy-makers a huge favor by downgrading the credit rating of the United States from the previously perfect triple-A rating by diverting the attention of the markets and the public from the truly crucial matters besetting the global economy.

Obscured by the all-S&P-downgrade, all-the-time coverage was the agreement by the European Central Bank to purchase bonds of the eurozone while the Group of Seven pledged to maintain financially stability.